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May 13, 2005


Contact: Teri Huffaker; 612-321-7140


MINNEAPOLIS GRAIN EXCHANGE ANNOUNCES NEW PRESIDENT/CEO

MINNEAPOLIS, Minn. (May 13, 2005) — The Minneapolis Grain Exchange (MGEX) has named Mark G. Bagan President and Chief Executive Officer. Bagan will assume the duties of this position on July 1, 2005 after the resignation of Kent R. Horsager also effective July 1.  Horsager has served as President/CEO for five years.

 

Charles A. Gallup, MGEX chairman of the board, said “Mark will lead our Exchange with wisdom and integrity.  He’ll advance our position in the futures industry.  This is a great day for our Exchange.”

 

Bagan joined the MGEX in 1987 as a trading floor clerk.  During his career at the Exchange he has held various positions in the fields of operations, compliance, membership and regulation.  He has been Vice President of Market Administration since 1997 and Corporate Secretary since January 2002.

 

Bagan was instrumental in the Exchange’s implementation of electronically traded contracts on e-cbot® trading platform powered by LIFFE CONNECT®.    He was responsible for the project plan focusing primarily on operations and regulatory approvals.   Additionally, he led the Audits and Investigations Department through numerous Commodity Futures Trading Commission (CFTC) rule enforcement reviews over the past fifteen years while ensuring the integrity of the MGEX marketplace.

 

Additionally, Bagan has represented the MGEX in a variety of industry organizations including the Joint Audit Committee, Joint Compliance Committee, Inter-Financial Surveillance Group, Futures Industry Association and task forces of the CFTC.

 

Bagan said “I am extremely appreciative of the opportunity bestowed upon me by the MGEX Board of Directors.  It is with great commitment and enthusiasm that I will address the opportunities and challenges which face the MGEX.  Additionally, a special thank you is extended to Kent Horsager from the MGEX staff for the leadership and dedication he has provided the MGEX over the past five years.”

 

Bagan is a Minnesota native earning Bachelor of Arts degrees in Finance and Management from Mankato State University.  He and his accomplished wife, Anne, have four children Lindsay, Alyssa, Shaley and Drayton.

 

About Minneapolis Grain Exchange

MGEX, established in 1881, is the only market for hard red spring wheat, Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI), Soft Red Winter Wheat Index (SRWI), National Corn Index (NCI) and National Soybean Index (NSI) futures and options. www.mgex.com.

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